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Looking at a house built in the '40s with some renovation done. Seller is FSBO; has been for sale for at least a year; now seller is offering "for sale on contract." She insists that that a former appraisal valued the house about 20K more than what I found online.
I have an appt. to tour the interior.
How does one buy a house safely so you don't get screwed?
The house in empty, so, as far as I know, the power is off. How can you evaluate the house without power being on?
I thought about getting a buyer's agent, but I don't trust any of the RE agents around here. None of them seem to know anything.
Plus, the house has a well and septic tank. How would you make sure both were in good condition?
We want a rural home but I am unsure of how to protect ourselves in this process.
Looking at a house built in the '40s with some renovation done. Seller is FSBO; has been for sale for at least a year; now seller is offering "for sale on contract." She insists that that a former appraisal valued the house about 20K more than what I found online.
I have an appt. to tour the interior.
How does one buy a house safely so you don't get screwed?
The house in empty, so, as far as I know, the power is off. How can you evaluate the house without power being on?
I thought about getting a buyer's agent, but I don't trust any of the RE agents around here. None of them seem to know anything.
Plus, the house has a well and septic tank. How would you make sure both were in good condition?
We want a rural home but I am unsure of how to protect ourselves in this process.
You don't trust the licensed and insured real estate agents in your area, but you trust the anonymous posters on a public forum?
The house has not sold for a reason. That means you need to do some serious due diligence that you do not know how to do yourself. Get some help from a reliable source. I would get an agent and an attorney, just for starters. Then work with reliable companies for appraisal, inspections, surveys, etc. Buying on contract is risky under the best situation, a recipe for disaster when you don't know what you are doing.
I would view it first and see if you even like the house and property. And when you say online value, where exactly are you seeing this?
If you do like this place and want to move ahead. Hire an inspector and ask him or her that you want a FULL analysis of the home and who else to hire for the electric, well/septic, roofing or any other concerns. Also a termite inspection.
It will not be cheap to do so but it's the only way to "protect" yourself. If you don't have about $1000 to invest in ensuring this is a sound investment, look elsewhere.
Request power to be turned back on prior to inspection. Hire a contractor to go through the place. There are well and septic companies that will do inspections on those items.
You don't need a buyer's agent but you do need a RE attorney to help you write up your offer.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by gray horse
Request power to be turned back on prior to inspection. Hire a contractor to go through the place. There are well and septic companies that will do inspections on those items.
You don't need a buyer's agent but you do need a RE attorney to help you write up your offer.
Good luck!
Yes, go look at it and if still interested after getting inside, it's critical that any offer be written to keep you from any commitment of money if the inspection reveals anything that you won't accept and they don't want to pay to fix it. The inspection is well worth $1,000 to avoid a much more costly mistake, especially on a home that old which can have knob and tube wiring, galvanized pipes, lead paint, asbestos or other hazards not readily visible to the untrained.
You don't trust the licensed and insured real estate agents in your area, but you trust the anonymous posters on a public forum?
The house has not sold for a reason. That means you need to do some serious due diligence that you do not know how to do yourself. Get some help from a reliable source. I would get an agent and an attorney, just for starters. Then work with reliable companies for appraisal, inspections, surveys, etc. Buying on contract is risky under the best situation, a recipe for disaster when you don't know what you are doing.
Looking at a house built in the '40s with some renovation done. Seller is FSBO; has been for sale for at least a year; now seller is offering "for sale on contract." She insists that that a former appraisal valued the house about 20K more than what I found online.
I have an appt. to tour the interior.
How does one buy a house safely so you don't get screwed?
The house in empty, so, as far as I know, the power is off. How can you evaluate the house without power being on?
I thought about getting a buyer's agent, but I don't trust any of the RE agents around here. None of them seem to know anything.
Plus, the house has a well and septic tank. How would you make sure both were in good condition?
We want a rural home but I am unsure of how to protect ourselves in this process.
Suggestions welcome.
First check the fuse box/ panel
If it's not the kind that you can click over to reset and you have to put a plug in it I would not buy it.
If they won't turn on the water for you to check it, I would not buy it
If they won't turn on the elctric for you to check it, I would not buy it.
get an inspection, it might cost you $500 but you have to get one and pay for it when you buy a home from a bank anyway. It may be sold as is, but you want to know what's wrong first.
Looking at a house built in the '40s with some renovation done. Seller is FSBO; has been for sale for at least a year; now seller is offering "for sale on contract." She insists that that a former appraisal valued the house about 20K more than what I found online.
The estimated value you found online is probably not reliable. If you're getting a loan, then an appraisal by a licensed appraiser will be necessary.
Quote:
I have an appt. to tour the interior.
A good opportunity for them to show you their appraisal
Quote:
How does one buy a house safely so you don't get screwed?
Interview a few agents in your area (you already have plenty of test questions for them) and work with the one that answers your questions thoughtfully and to your satisfaction.
Quote:
The house in empty, so, as far as I know, the power is off. How can you evaluate the house without power being on?
Not well. As others suggested, insist that the power (and plumbing, gas, etc) is turned on before the inspection.
Quote:
I thought about getting a buyer's agent, but I don't trust any of the RE agents around here. None of them seem to know anything.
I'm sure there are at least a few qualified agents in your area that you could feel comfortable working with. Without an expert you're going in completely blind. Yes, there are morons in the business and there are plenty of morons on the internet too. Asking questions online can help, but to be really protected you need to work with someone in your area who knows what they're doing/talking about.
Quote:
Plus, the house has a well and septic tank. How would you make sure both were in good condition?
Hire an inspector who also has the equipment to inspect the septic tank and well.
You're going to let one guy's bad experience put you at a disadvantage from the get-go.
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